BDS Analytics provides market analysis and consumer research on the cannabis industry.

The Series B funding to BDS is CanopyVentures’ first investment. The firm has a $50 million investment fund for growth-stage companies.

“BDS Analytics has a unique ability to scale alongside the growth of the overall cannabis industry, which gives us the opportunity to invest in long-term growth,” Micah Tapman, managing director of CanopyVentures, said in a prepared statement. “As other industries take notice of the cannabis industry’s growth and far-reaching impact, BDS Analytics will be their primary source of data and information about market trends, brand development, and consumer insights.”

Canopy also has an accelerator program, including CanopyBoulder, which helps grow ancillary cannabis startups.

“We have a longstanding familiarity with the team at CanopyVentures, having previously gone through CanopyBoulder,” Roy Bingham, CEO of BDS Analytics, said in a prepared statement. “That familiarity helped us recognize the valuable hands-on support that the overall Canopy organization provides.”